Financial watchdogs have confirmed they will publish a highly critical report into the actions of Royal Bank of Scotland's controversial Global Restructuring Group (GRG) after the lender's bosses said they will no longer fight to keep its conclusion private.

Speaking yesterday before the Treasury Select Committee, RBS chief executive Ross McEwan told MPs “we will not object” to the publication of the report, the contents of which have already been leaked. GRG stands accused of mistreating its small business customers during the fall-out from the financial crisis.

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McEwan admitted GRG did not turn around the “vast majority” of businesses, as he previously said in a statement in 2014. The independent by Promontary Financial Group found that only one in every 10 businesses within GRG returned to normal banking relations.

Tesitfying yesterday before the Treasury Select Committee , Promontary managing director Tony Boorman said some bank officials “were perhaps all too ready not only to focus significantly on the financial returns to the bank, but – how should we put this? - to think creatively about the rationale for those charges”.

Asked whether RBS had tried to make more than factual changes to the report, Boorman said: “The brief answer is yes, and I think you've seen from the letters that RBS have sent you, chair, that RBS continues to dispute many if not all of the significant findings that we make.”

Also speaking before the committee, RBS chairman Howard Davies told MPs the bank “no longer thinks it useful to have an argument” with the UK's Financial Conduct Authority (FCA) about the review.

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Given that RBS has withdrawn its objections, the FCA has said that it will publish the report in full. However, this will not be a quick process, as the watchdog must first complete its investigation of the bank and former senior managers of GRG.

The FCA must also secure the approval of individuals identified in the report. RBS had previously argued that the report could not be published in full because of concerns about legal precedent and statutory confidentiality clauses.

Approximately 16,000 businesses were moved to GRG between 2008 and 2013. An internal enquiry by the FCA found that 92 per cent of those moved into GRG were mistreated in some way.

Earlier this month, it emerged that Nathan Bostock , currently chief executive of Santander UK, was head of the GRG for part of the time in question.